Saturday, May 10, 2008

From the Philippine Star, Chairman of First Philippine Holdings Corp., Oscar Lopez, said:

“If government thinks they can do a better job in Meralco, they can go ahead and buy us out. But looking at how Napocor has and is still being mismanaged, I have my doubts government can do a better job"

Doh...

One: the Lopezes have cannot claim to possess, themselves, expert ability to run a utility. I would like to point out the Maynilad fisaco. Furthermore, Manila Water, a competitor of nearby franchise and operated by the Ayalas, appear to be doing well.

Two: Mr. Lopez did not realized that there might be plenty of 'yes' men out there eager to prove themselves the loyalest (what a word...) and will take up his offer.

One would be Winston Garcia, president of GSIS.

If Mr. Garcia gets that little-finger-twitch-go-ahead-and-give-them-hell signal from Malacañang, then he will definitely go for a plum prize like Meralco.

And once the game's a foot, there are others with deep pockets and access to funds who would want to join in.

Right of the bat I can name two: John Gokongwei, who is making a play in the energy sector and Lucio Tan, who seem to have a penchant for collecting Philippine's trophy companies (Philippine Airlines and Philippine National Bank).

The Ayalas will, rightly, stay out this since Meralco will likely be overvalued.